Odaily News: Ethereum Founder Vitalik Buterin recently gave a presentation at the Ethereum Community Conference (EthCC), where he discussed in detail the account abstraction upgrade called "paymasters." This upgrade allows users to pay gas fees using tokens for transactions, aiming to attract billions of people to use Ethereum.



Account abstraction enables users to switch from externally owned wallets (EOAs) to smart contract-based wallets. If successful, this upgrade will make wallet management more efficient and seamless. Vitalik Buterin and the community believe that this can lead to wide adoption of cryptocurrencies.



Furthermore, the cryptocurrency industry is plagued by users losing their mnemonic phrases or having them stolen. With account abstraction, users can create non-custodial wallets that act as programmable smart contracts. Wallet recovery is just one of the many features that this new upgrade brings. (Coinedition)